Clouded Judgement

DECEMBER 22, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 177

Cloud Subscription Payment Features Metrics 177

Clouded Judgement

OCTOBER 27, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. After the cloud giants reported this week, the timing of the presumed re-acceleration is very much in question. At the same time - Google Cloud also massively decelerated from 28% last quarter to 22% this quarter. which feels unlikely.

Cost optimization & reporting 152

Cost optimization & reporting Cloud Azure AWS 152

Clouded Judgement

JANUARY 5, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. In the basket I track and discuss in Clouded Judgement (~80 companies), no one is up on the year. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against.

Cloud 152

Cloud Trends Subscription Payment Features 152

Clouded Judgement

FEBRUARY 23, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. For both of those metrics I look at NTM (next twelve months) vs LTM (last twelve months). Of course, there are way more factors than just growth / FCF when determining valuation, so this is a crude metric. Follow along to stay up to date!

Cloud 152

Cloud Metrics Subscription Payment Features 152

Clouded Judgement

MARCH 8, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 161

Cloud Revenue Subscription Payment Features 161

Clouded Judgement

DECEMBER 29, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Subscribe now 2023 Top Performers In 2023, there were 14 cloud software companies that were up 100%+ this year (in the index I track of ~80 total)! I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 189

Cloud Software Review Subscription Payment Features 189

Clouded Judgement

DECEMBER 1, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Amazon and Snowflake have both made comments recently that Cloud Optimizations are starting to play second fiddle to net new workload growth. We’re still in the early days of the cloud.” Follow along to stay up to date!

AWS 293

AWS Cloud AI Search Cost optimization & reporting 293

Clouded Judgement

APRIL 11, 2024

Q4 earnings season for cloud businesses is now behind us. Through these interactions, I’ve built up mental benchmarks for metrics on which I place extra emphasis. My hope is that this analysis can provide startup entrepreneurs with a framework for how to manage their businesses around SaaS metrics (e.g.,

Cloud 177

Cloud Software Azure AWS 177

Clouded Judgement

MARCH 10, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. Subscribe now Share Clouded Judgement Leave a comment Follow along to stay up to date!

Cloud 244

Cloud Trends Subscription Payment Features 244

Clouded Judgement

FEBRUARY 9, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 195

Cloud Pricing Startup Revenue 195

Clouded Judgement

APRIL 14, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Net New ARR Slowdown It’s no secret that cloud software businesses have seen headwinds over the last couple quarters. Follow along to stay up to date! CPI / Fed Update March CPI data came in this week. Headline CPI came in at 5.0%

Cloud 169

Cloud Subscription Payment Features Trends 169

Clouded Judgement

NOVEMBER 24, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 161

Cloud Subscription Payment Features Metrics 161

Clouded Judgement

FEBRUARY 16, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. ” From AWS (paraphrased): They said they expect the reaccleration they saw in Q4 to continue into 2024 2024 Estimate Updates One important metric I’m tracking this quarter is the change in 2024 estimates pre / post earnings.

Cloud 161

Cloud AWS Metrics Subscription 161

Clouded Judgement

AUGUST 4, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Subscribe now Cloud Giants Update “What we're seeing in the quarter is that those cost optimizations, while still going on, are moderating and many maybe behind us in some of our large customers. Follow along to stay up to date!

Cloud 130

Cloud Azure Cost optimization & reporting AWS 130

Clouded Judgement

FEBRUARY 10, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. Subscribe now Share Clouded Judgement Leave a comment Follow along to stay up to date!

Cloud 268

Cloud Software Review Technical Review Systems Review 268

Clouded Judgement

OCTOBER 20, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Hyperscaler Preview Next week Amazon, Microsoft and Google report earnings and we’ll see Q3 data for AWS, Azure and Google Cloud. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 161

Cloud Azure AWS Software Review 161

Clouded Judgement

DECEMBER 8, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Andy Jassy doubled down on some of the commentary he’s made in the last few weeks about cloud optimization headwinds starting to abate. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 161

Cloud Software Review Headcount Trends 161

Clouded Judgement

DECEMBER 15, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 183

Cloud Subscription Payment Features Metrics 183

Clouded Judgement

JANUARY 19, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. It starts with understanding what type of profile is attractive to public market investors, and I hope the weekly data I share helps give folks an understanding for what these types of metrics are. Follow along to stay up to date!

Cloud 177

Cloud Scale Compensation Metrics 177

Clouded Judgement

MAY 19, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. Subscribe now Share Clouded Judgement Leave a comment Follow along to stay up to date!

Cloud 161

Cloud Subscription Payment Features Retention 161

Clouded Judgement

JANUARY 26, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. Net new ARR is something I track very closely for all of the private companies I work with, and it’s also an important metric to look at in public companies. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 161

Cloud Marketplace as a Service AI Subscription 161

Clouded Judgement

APRIL 5, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. Another way of saying this, is the valuation metric applied to a startup gradually starts to converge on the multiple they’ll trade at in the public markets as they get later and later stage. Follow along to stay up to date!

Cloud 161

Cloud Scale Pricing Revenue 161

SaaStr

SEPTEMBER 20, 2023

Discover Bessemer Venture Partners’s annual State of the Cloud report, going through trends, benchmarks, and metrics that underpin the Cloud economy. The past twelve months have been relatively turbulent for Cloud founders. What does this mean for Cloud companies? What does this mean for Cloud companies?

Cloud 235

Cloud Payments Software Review Payment Solutions 235

Clouded Judgement

OCTOBER 13, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 169

Cloud Artificial Intelligence Subscription Payment Features 169

Clouded Judgement

APRIL 21, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Morgan Stanley released a report yesterday suggesting “cloud optimizations [were] an intensifying headwind in Q1.” ” They anticipate Q1 will be the peak pressure on cloud spend, and we may see a re-acceleration heading into 2024.

Cloud 130

Cloud Azure AWS GCP(Google Cloud Platform) 130

Clouded Judgement

AUGUST 18, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. Subscribe now Share Clouded Judgement Leave a comment Follow along to stay up to date!

Cloud 243

Cloud Software Review Subscription Payment Features 243

Clouded Judgement

OCTOBER 6, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 152

Cloud Banking Subscription Payment Features 152

Clouded Judgement

DECEMBER 21, 2023

Q3 earnings season for cloud businesses is now behind us. Through these interactions, I’ve built up mental benchmarks for metrics on which I place extra emphasis. My hope is that this analysis can provide startup entrepreneurs with a framework for how to manage their businesses around SaaS metrics (e.g.,

Cloud 177

Cloud Software Benchmarks Retention 177

SaaStr

NOVEMBER 15, 2022

Metrics are the key to evaluating success and setting goals, but not every SaaS business should orient itself around the same one-size-fits-all numbers. This flexible mindset creates just the right conditions for embracing evolving business models and new metrics. as a common language to analyze a cloud business.

Metrics 204

Metrics Machine Learning Artificial Intelligence Technical Review 204

Clouded Judgement

SEPTEMBER 8, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. I’ve put together a number of charts below to show how metrics from this quarter compared to prior quarters. I created this subset to show companies where FCF is a relevant valuation metric. Follow along to stay up to date!

Cloud 169

Cloud Software Review AWS Trends 169

Clouded Judgement

MARCH 22, 2024

Every week I’ll provide updates on the latest trends in cloud software companies. Subscribe now ARR (Annual Recurring Revenue) vs ERR (Experimental Runrate Revenue) ARR (Annual Recurring Revenue) is one of the most popular SaaS (Non-GAAP) metrics. I created this subset to show companies where FCF is a relevant valuation metric.

AI 183

AI Revenue Cloud Technical Advisors 183

Clouded Judgement

JANUARY 6, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Cloud Downgrades This week UBS came out with a couple research reports citing concerns in AWS / Azure growth. Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4).

Cloud 130

Cloud Azure AWS Underperforming Technical Team 130

Clouded Judgement

FEBRUARY 24, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. This week Walmart and Home Depot reported earnings (I know, not the usual cloud software suspects!). Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4).

Cloud 130

Cloud Subscription Payment Features Revenue 130

Clouded Judgement

APRIL 28, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. AWS (Amazon), Azure (Microsoft), and Google Cloud (Google) all reported this week. On last quarters earning call Microsoft really emphasized the weakening demand environment for Azure / Cloud as optimizations picked up. ” What?!

Cloud 130

Cloud Azure AWS AI Search 130

Clouded Judgement

NOVEMBER 17, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 152

Cloud Subscription Payment Features Trends 152

Clouded Judgement

SEPTEMBER 29, 2023

Every week I’ll provide updates on the latest trends in cloud software companies. Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.

Cloud 183

Cloud Government Banking Software Review 183

SaaStr

MARCH 16, 2021

We’ve used various bits of the BVP Nasdaq Index and metrics since they launched a few years ago to highlight trends in SaaS and Cloud. This week even after a pullback, public SaaS and Cloud companies are up an eve 1000% (!) SaaS and Cloud are up +1000% since 2013. since 2013. But does it even matter?

Cloud 304

Cloud SaaS Trends Metrics 304